EVHY vs. ETY
EVHY (Eaton Vance High Yield ETF) and ETY (Eaton Vance Tax Managed Diversified Equity Income Closed Fund) are both funds - EVHY is a High Yield Bonds fund actively managed by Eaton Vance, while ETY is a Derivative Income fund actively managed by Eaton Vance. Both are actively managed. Over the past year, EVHY returned 5.41% vs 0.54% for ETY. Their 0.55 correlation means they have sometimes moved together and sometimes differently. EVHY charges 0.48%/yr vs 1.06%/yr for ETY.
Performance
EVHY vs. ETY - Performance Comparison
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Returns By Period
In the year-to-date period, EVHY achieves a 1.65% return, which is significantly higher than ETY's -1.59% return.
EVHY
- 1D
- -0.02%
- 1M
- -0.28%
- 6M
- 1.34%
- YTD
- 1.65%
- 1Y
- 5.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 9.28%
ETY
- 1D
- 1.27%
- 1M
- -0.56%
- 6M
- -1.83%
- YTD
- -1.59%
- 1Y
- 0.54%
- 3Y*
- 13.80%
- 5Y*
- 8.69%
- 10Y*
- 12.23%
- ALL TIME*
- 8.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.58M | $3.53M | $3.55M | |
| $177.50K | $146.90K | $289.49K |
EVHY vs. ETY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
EVHY Eaton Vance High Yield ETF | 1.65% | 9.14% | 6.39% | 8.45% |
ETY Eaton Vance Tax Managed Diversified Equity Income Closed Fund | -1.59% | 11.02% | 33.11% | 9.27% |
Correlation
The correlation between EVHY and ETY is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.58 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023 | 0.55 |
The correlation between EVHY and ETY has been stable across timeframes, ranging from 0.55 to 0.58 - a consistent structural relationship.
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Return for Risk
EVHY vs. ETY — Risk / Return Rank
EVHY
ETY
EVHY vs. ETY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance High Yield ETF (EVHY) and Eaton Vance Tax Managed Diversified Equity Income Closed Fund (ETY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| EVHY | ETY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.68 | ||
| Sortino ratioReturn per unit of downside risk | +2.45 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.00 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | -0.05 | +2.24 |
| Martin ratioReturn relative to average drawdown | 10.54 | -0.17 | +10.70 |
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Drawdowns
EVHY vs. ETY - Drawdown Comparison
The maximum EVHY drawdown since its inception was -3.71%, smaller than the maximum ETY drawdown of -53.06%. Use the drawdown chart below to compare losses from any high point for EVHY and ETY.
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Drawdown Indicators
| EVHY | ETY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.71% | -53.06% | +49.35% |
Max Drawdown (1Y)Largest decline over 1 year | -2.51% | -14.40% | +11.89% |
Max Drawdown (3Y)Largest decline over 3 years | — | -21.28% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.06% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -42.46% | — |
Current DrawdownCurrent decline from peak | -0.29% | -3.76% | +3.47% |
Average DrawdownAverage peak-to-trough decline | -0.36% | -7.56% | +7.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.52% | 4.12% | -3.60% |
Volatility
EVHY vs. ETY - Volatility Comparison
The current volatility for Eaton Vance High Yield ETF (EVHY) is 0.71%, while Eaton Vance Tax Managed Diversified Equity Income Closed Fund (ETY) has a volatility of 3.61%. This indicates that EVHY experiences smaller price fluctuations and is considered to be less risky than ETY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EVHY | ETY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 3.61% | -2.90% |
Volatility (6M)Calculated over the trailing 6-month period | 2.74% | 11.33% | -8.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.37% | 13.82% | -10.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.45% | 17.98% | -13.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.45% | 19.91% | -15.46% |
EVHY vs. ETY - Expense Ratio Comparison
EVHY has a 0.48% expense ratio, which is lower than ETY's 1.06% expense ratio.
Dividends
EVHY vs. ETY - Dividend Comparison
EVHY's dividend yield for the trailing twelve months is around 7.19%, less than ETY's 8.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETY Eaton Vance Tax Managed Diversified Equity Income Closed Fund | 8.27% | 7.76% | 7.59% | 7.92% | 10.04% | 7.01% | 8.26% | 8.08% | 9.92% | 8.30% | 9.77% | 9.03% |
EVHY Eaton Vance High Yield ETF | 7.19% | 7.39% | 7.66% | 1.44% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EVHY and ETY have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETY has higher volatility (3.61%) compared to EVHY (0.71%). In terms of maximum drawdown, EVHY dropped -3.71% vs ETY's -53.06%.
EVHY currently has the higher Sharpe Ratio (1.63 vs -0.05), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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